Capital outflow surged in past year

Accelerated capital outflow in the past year resulted in record high net sales of $465.9 billion in foreign exchange from banks on the Chinese mainland, the central government reported on Thursday.

The State Administration of Foreign Exchange, China's top currency trade regulator, said the volume of the capital outflow was in part brought on by the US Federal Reserve raising interest rates.

The SAFE said the outflow is still manageable and cannot threaten the overall health of the financial system.